The U.S. economy grew in the first quarter of 2008. That's what it did in the last quarter of 2007. The quarter we're in now is almost guaranteed to grow.
Despite all the media cheerleading for a recession, despite Alan Greenspan cheerleading for a recession (so his successor will look bad?), in spite of the Clintons' earnest prayers for a recession, the years 2000 through 2008 will probably be known to future historians as "The Bush Boom".
Libertarian types generally believe that the government should leave the economy alone. Just stay out of it. When government intervenes, they're postponing misery. When they manipulate interest rates, they're merely creating static, confusing the signals that the economy is trying to send. Any government action usually arrives too late to do any good, or is flat-out wrong.
Keynesian economists believe that government should be knee-deep, if not waist-deep, in the health of the economy. Government intervention is vital since only government can speedily and efficiently operate the appropriate levers of control.
The President and Congress recently passed legislation to give us tax rebates to get us through our recent non-recession, which has recently been declared "over".
If you're undecided on the libertarian vs. Keynesian points of view, let me ask some questions....
During which quarter of the recent non-recession (4th quarter 2007 or 1st quarter 2008) did you get your rebate check? Or have you gotten it at all?
Heh heh heh heh heh